- What Chartwell has agreed to buy two senior housing portfolios in Québec
- Why The deal adds more than 3,000 suites
- What next The company is in talks to buy another property in the province
Chartwell Retirement Residences has agreed to buy two senior housing portfolios in Québec for $511m.
The Mississauga, Ont.-based company is acquiring a 100% ownership interest in five retirement properties, comprising of 1,428 suites, in the Greater Montréal Area for $297m. The portfolio is 95% occupied.
Chartwell also is buying a 50% stake in five retirement residences with 1,805 suites for $214m. Four properties are in Québec City and one is Shawinigan. The portfolio is 94% occupied.
The company will assume mortgage debt of approximately $154m.
Subject to closing conditions, the transactions are expected to be completed in Q3.
Chartwell also closed its purchase of an 85% stake in two properties from EMD-Batimo for $166m. Chartwell Le Prescott and Chartwell Trait-Carre have 685 suites in total.
The company is also in advanced talks to buy an 85% interest in a 368-suite retirement property in Québec from EMD-Batimo, with an expected price of $86m, including the assumption of $58m of mortgage debt.
To fund the deals, Chartwell is undertaking a $300m bought-deal offering of trust units.
